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LIC Housing Finance Home Loan for Self Employed

LIC Housing Finance Home Loan for Self Employed

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LIC Housing Finance offers a comprehensive range of home loan services for self-employed individuals. With financial coverage of up to 90% of the property’s value, the LIC Housing Finance home loan for the self-employed ensures substantial financial assistance towards purchasing your dream home. These loans are accompanied by affordable LIC Housing Finance home loan interest rates for self-employed, making the financial burden more manageable.

A significant advantage of LIC Housing Finance home loan eligibility for self-employed is the comfortable repayment tenure, extending up to 20 years. This extended period allows for smaller, more manageable EMIs, which can be adjusted to fit various financial scenarios. The application process with LIC HFL is designed to be straightforward and hassle-free, with clear requirements for LIC Housing Finance home loan documents for self-employed, ensuring a smooth experience for all applicants, including those who are LIC Housing Finance home loan for non-salaried persons.

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Table of Content

1. LIC Housing Finance Home Loan for Self-Employed Highlights

2. LIC Housing Finance Home Loan for Self-Employed Fees and Charges

3. LIC Housing Finance Home Loan for Self-Employed Documents Required

4. LIC Housing Finance Home Loan for Self-Employed Eligibility Criteria

Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

LIC Housing Finance Home Loan for Self-Employed – Highlights

Here are the main features of LIC Housing Finance home loan for self-employed individuals:

Interest rate	8.60% p.a. onwards
Loan Amount	Up to 90% of property value
Loan Tenure	Up to 25 years
Eligibility	Self-employed individuals with a regular source of income

LIC Housing Finance Home Loan for Self-Employed – Fees and Charges

There are specific fees and charges associated with the LIC Housing Finance home loan for self-employed individuals:

Fee/Charge	Amount
Processing fee	0.25% of the loan amount (Minimum Rs 5,000 to Maximum Rs 50,000)

LIC Housing Finance Home Loan for Self-Employed – Documents Required

Following are the LIC Housing Finance home loan documents required for self-employed people:

KYC Documents: PAN Card, Aadhar Card, Passport or Proof of residence
Address Proof: Aadhaar card, passport, driving license, telephone bill, ration card, election card, or any other document issued by a statutory authority.
Income Proof: Bank statements for the last 6 to12 months / Last 3 years’ income tax returns, along with financials for self-employed or professionals
Property Documents: Evidence of property’s ownership / Allotment letter of builder/society in case of a flat / Tax Paid Receipts.

LIC Housing Finance Home Loan for Self-Employed – Eligibility Criteria

The following are the LIC Housing Finance home loan eligibility for self-employed people:

Business Stability: Must have operated a profitable business for at least two years.
Credit Score: A minimum credit score of 600 is required to avail of the best LIC Housing Finance home loan interest rate for self-employed.
Nationality: Open to both Indian citizens and Non-Resident Indians (NRIs).

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Frequently Asked Questions (FAQs)

What is the repayment term for a LIC Housing Finance home loan for self-employed?

The LIC Housing Finance home loan repayment period for self-employed individuals can be up to 25 years.

What is the minimum age for a LIC Housing Finance home loan to a non-salaried person?

The minimum age for a non-salaried individual to qualify for a home loan from LIC Housing Finance is 21 years.

What is a non-salaried person's minimum and maximum LIC Housing Finance home loan amount?

You can avail of a LIC Housing Finance Home loan to cover up to 90% of the property’s value.